From
June 1st 2013, transfer by a resident of immovable property (other than
agricultural land) where consideration exceeds Rs, 50 lakhs would attract TDS
at 1 per cent under section 194 IA. The person is required to deduct tax and
would not be required to obtain a Tax Deduction Account Number.
The
Central Board of Direct Taxes (CBDT) has come out with an online form for
making TDS payment on property transactions.
This
form requires mandatory quoting of PAN which is verified with the IT
Department's website. It also asks for address of the transferor and transferee
along with the address of the property transaction.
Further
only e payment form is available & keeping in view the details asked in the
form, we do not expect that offline or
paper form will be made available for payment by CBDT.
Following
details has been asked in the form..!
** PAN details of the Transferee
** PAN
details of transferor
** Complete address details of Transferee
** Complete address details of transferor
** Address of property involved in transaction
** Amount payable
** Tax
1 per cent amount deductible / deducted
The
new form is available on TIN-NSDL and field with sign is only mandatory.
E-Payment
of TDS on Sale of Property link below
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